The Development History of Meme Coins: From Marginal Jokes to Mainstream Assets

1. Overview

This article outlines the development history of meme coins and analyzes their unique value logic. The core value of meme coins is reflected in "cultural dissemination capacity × community consensus," rather than solely relying on technology or practical value. Based on their evolutionary characteristics, they can be divided into three key stages:

1. Breaking Ground/Foundation (2013-2016): Barbaric Growth, A Great Wave Washes Away the Sand
2. Hibernation/Outbreak ( 2017-2021): In the era of smart contracts, meme coins are迎来质变
3. Precipitation/Reconstruction ( 2022-2025 ): The Rise of New Narratives, the Market Begins to Shuffle

Meme coins will continue to face the challenge of balancing "speculation and substance," with technological innovation and community building becoming key factors. Despite the market adjustment, as a product of the attention economy, meme coins will still maintain their unique position and influence.

2. Review of the Development History

2.1 Breaking Ground/Foundation ( 2013-2016)

This period witnessed the original innovation of meme coins from zero to one, showcasing an ecosystem where barbaric growth coexists with natural selection. Starting from the birth of DOGE in December 2013 and ending with the maturity of Ethereum smart contract technology in 2016, it constitutes the purest "Genesis Era" in the history of meme coin development.

On the technical level, with a few exceptions, almost all meme coins at this stage are based on forks of Bitcoin or Litecoin code. In terms of market performance, the average active cycle is only 11.7 months, but survivors like DOGE show remarkable vitality.

Representative project:

• Ephemeral type: Mooncoin, TIPS, Nyancoin
• Invincible General Type: Dogecoin

2.2 Dormancy/Outburst(2017-2021)

The past five years have witnessed the transformation of meme coins from a fringe subculture to mainstream financial assets. Marked by the popularization of the ERC-20 standard in 2017 as a technological turning point, and culminating in 2021 when SHIB reached a historic market value, meme coins have undergone a qualitative change from "internet jokes" to "phenomenal investment targets."

The maturity of smart contracts has restructured the issuance logic of meme coins, significantly reducing issuance costs. On the market narrative level, the overall trading volume proportion of meme coins has significantly increased. The reconstruction of value perception is the most profound change during this period, laying the foundation for social finance experiments in the Web3 era.

Representative project:

• Meteor Shine Type: UET, HOGE
• Stellar Long-Lasting Type: SHIB
• Transformation Breakthrough: FLOKI, SAMO

2.3 sediment/reconstruction (2022-2025)

Since 2022, the meme coin market has begun a deep adjustment from frenzy to rationality. Marked by the collapse of Terra in May 2022 and the rise of the BRC-20 standard in 2023, the meme coin ecosystem is undergoing a brutal yet necessary revaluation of its value.

Although the overall market value has significantly shrunk, leading projects still maintain a high ranking. Emerging projects show stronger vitality and are no longer as fragile and ephemeral as in the early days. Technological innovations ( such as AI, DeFAI), and community building have become key factors.

Representative project:

• Short-term speculative: TRUMP
• Ecosystem-driven: WIF, BONK
• Narrative Innovation Type: GOAT
• Cultural Symbol Type: MOODENG

3. Future Outlook

Meme coins, as a typical product of the attention economy, will still maintain their unique position in the cryptocurrency field. Future development trends:

1. Technological Innovation: New paradigms such as AI+meme, DeFAI, etc. are expected to bring breakthroughs.
2. Community Building: The celebrity effect and community consensus remain key driving forces.
3. Practical application: Balancing speculation and substance will become the key to survival.
4. Regulatory Adaptation: Responding to increasingly stringent regulations will be a major challenge.

The meme coin market is undergoing a transformation from wild growth to rational development, and what remains in the end may not be the craziest memes, but rather the survivors that can best balance hype and substance.